LHYAX | High Yield Fund Class A | Lord Abbett
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High Yield Fund

Summary

Summary

What is the High Yield Fund?

The Fund seeks to deliver current income and the opportunity for capital appreciation by investing primarily in high yield corporate bonds.
 

A HERITAGE OF HIGH YIELD

Brings a 40+ year history of high-yield investing, focused on fundamental, bottom-up credit research.

AN OPPORTUNISTIC APPROACH

Provides the flexibility to adjust to the market environment and take advantage of opportunities across the credit spectrum.

STRONG TRACK RECORD

Has offered a track record of strong performance versus peers in up and down markets, demonstrating the strength of this active approach as a core high-yield holding over a full market cycle.

Yield

Dividend Yield 1 as of 09/30/2020  

w/o sales charge 5.22%
w/ sales charge 5.10%

30-Day Standardized Yield 2 as of 08/31/2020  

3.86%

Expense Ratioas of 08/31/2020

Fund Basicsas of 08/31/2020

Total Net Assets
$8.22 B
Inception Date
12/31/1998
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
685
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

0.91%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge -2.46% 0.33% 2.45% 5.61% 6.31% 6.47%
Lipper Category Avg. High Yield Funds - - - - - -
ICE BofA U.S. High Yield Constrained Index - - - - - -
w/ sales charge -4.63% -1.93% 1.66% 5.14% 6.06% 6.36%

Fund Expense Ratio :

0.91%

Fund Expense Ratio :

0.91%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge -2.46% 0.33% 2.45% 5.61% 6.31% 6.47%
Lipper Category Avg. High Yield Funds - - - - - -
ICE BofA U.S. High Yield Constrained Index - - - - - -
w/ sales charge -4.63% -1.93% 1.66% 5.14% 6.06% 6.36%

Fund Expense Ratio :

0.91%

RELATED CONTENT

Uncovering Opportunity in a Rebounding U.S. High Yield Market
June 11, 2020

With the broad financial market recovery since late March, U.S. high yield is no longer as dislocated, but the rationale for a strategic allocation to the asset class remains intact in our view.

“Fallen Angels” Gain a Rising Profile in High Yield
June 1, 2020

Bonds downgraded from investment grade to speculative grade historically have outperformed other areas of high yield—but we believe a selective approach to these securities is crucial.

Weighing the Broader Impact of Crude Oil Price Volatility
April 24, 2020

Here, we assess the potential implications for key asset classes of the dramatic plunge in the price of May 2020 West Texas Intermediate crude oil.

Type Assets
High Yield Bonds
Bank Loans
Equity
Convertibles
Investment Grade Bonds
Other
Cash
Maturity Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

Credit Quality Distribution as of 08/31/2020 View Portfolio

Rating Assets
BBB
BB
B
<B
Not Rated

INVESTMENT TEAM

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Director of Taxable Fixed Income

19 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Director of Taxable Fixed Income

29 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Managing Director & Portfolio Manager

12 Years of Industry Experience

Supported By 62 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 09/30/2020  

w/o sales charge 5.22%
w/ sales charge 5.10%

30-Day Standardized Yield 2 as of 08/31/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.86% 3.86%

Fund Expense Ratio :

0.91%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge -2.46% 0.33% 2.45% 5.61% 6.31% 6.47%
Lipper Category Avg. High Yield Funds - - - - - -
ICE BofA U.S. High Yield Constrained Index - - - - - -
w/ sales charge -4.63% -1.93% 1.66% 5.14% 6.06% 6.36%

Fund Expense Ratio :

0.91%

Fund Expense Ratio :

0.91%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge -2.46% 0.33% 2.45% 5.61% 6.31% 6.47%
Lipper Category Avg. High Yield Funds - - - - - -
ICE BofA U.S. High Yield Constrained Index - - - - - -
w/ sales charge -4.63% -1.93% 1.66% 5.14% 6.06% 6.36%

Fund Expense Ratio :

0.91%

Year Fund Returns ICE BofA U.S. High Yield Constrained Index
2019 15.07% 14.41%
2018 -5.15% -2.27%
2017 8.50% 7.48%
2016 15.84% 17.49%
2015 -2.26% -4.61%
2014 3.46% 2.51%
2013 9.69% 7.41%
2012 16.50% 15.55%
2011 3.15% 4.37%
2010 14.31% 15.07%
2009 50.51% -
2008 -23.42% -
2007 2.43% -
2006 9.94% -
2005 1.15% -
2004 10.42% -
2003 21.59% -
2002 -0.10% -
2001 5.36% -
2000 -3.01% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -16.65% 10.72% 5.69% - -2.46%
2019 7.50% 3.77% 0.28% 2.86% 15.07%
2018 -1.07% -0.04% 2.54% -6.47% -5.15%
2017 2.82% 1.98% 2.45% 1.00% 8.50%
2016 2.01% 5.52% 5.46% 2.05% 15.84%
2015 3.05% 0.86% -4.23% -1.81% -2.26%
2014 2.92% 3.38% -1.83% -0.95% 3.46%
2013 3.97% -1.03% 2.51% 3.99% 9.69%
2012 6.63% 0.36% 5.06% 3.61% 16.50%
2011 3.82% 1.07% -7.02% 5.73% 3.15%
2010 4.93% -0.92% 6.33% 3.40% 14.31%
2009 5.95% 17.32% 14.23% 6.01% 50.51%
2008 -3.43% 1.99% -7.81% -15.68% -23.42%
2007 2.98% 0.17% 0.48% -1.17% 2.43%
2006 2.57% 0.01% 2.80% 4.27% 9.94%
2005 -1.74% 1.49% 0.87% 0.56% 1.15%
2004 1.07% -0.32% 4.34% 5.04% 10.42%
2003 4.06% 8.25% 2.40% 5.41% 21.59%
2002 1.51% -3.59% -3.78% 6.10% -0.10%
2001 5.14% -1.67% -3.99% 6.15% 5.36%
2000 -1.66% 0.99% 0.31% -2.65% -3.01%
1999 3.43% -0.11% -0.81% 3.99% 6.57%
1998 - - - - 0.80%

Growth of $10,000 as of 08/31/2020

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
High Yield Bonds
Bank Loans
Equity
Convertibles
Investment Grade Bonds
Other
Cash
Rating Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

Credit Quality Distribution as of 08/31/2020

Rating Assets
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 06/30/2020

  • The Fund is overweight the basic industry sector, and more specifically the building and construction and building materials industries, as we added to the Fund’s exposure in homebuilders and repair and remodeling companies. COVID-19 lockdowns coupled with dramatically decreased travel demand allowed consumers to transfer their spending from vacations to home upgrades.  Additionally, historically low new mortgage and refinancing rates have served as stimulus to jump start renovations and move new home buyers off the sidelines.
  • Similarly, we added to our automotive sector overweight because we believe people will be using less public transport in light of pandemic-related fears and a shift from urban living to less public suburban living.
  • We anticipate the reopening of the economy to take part in several stages, with the first having included a slow and cautious restart of some essential industries, and with the last stage bringing us closer to levels of activity seen earlier this year in sectors like airlines, lodging and leisure. However, the magnitude and scale of this global pandemic could cause some secular shifts even with the ultimate arrival of therapeutics and a vaccine. The portfolio’s positioning currently reflects this view as we are investing in companies and industries that we believe will not be secularly impaired. While we are still waiting for better data on the health, economic and consumer behavioral fronts before we get more constructive in unsecured risk of directly affected sectors such as airlines and crowd-oriented leisure, we have begun to add higher quality, secured paper in these industries. 

Portfolio Details as of 08/31/2020

Total Net Assets
$8.22 B
Number of Issues
685
Average Coupon
5.95%
Average Maturity
6.88 Years
Average Effective Duration
4.18 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 09/30/2020
$0.292
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 09/30/2020 $0.03047 $7.01
Daily Daily 08/31/2020 $0.03065 $7.13
Daily Daily 07/31/2020 $0.03116 $7.03
Daily Daily 06/30/2020 $0.03233 $6.72
Daily Daily 05/31/2020 $0.03240 $6.69
Daily Daily 04/30/2020 $0.03332 $6.39
Daily Daily 03/31/2020 $0.03497 $6.16
Daily Daily 02/29/2020 $0.03311 $7.31
Daily Daily 01/31/2020 $0.03409 $7.46

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 10/31/2020
Daily Daily 11/30/2020
Daily Daily 12/31/2020

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/18/2014 12/19/2014 $0.0899 $0.0792 $0.1691 $7.44

Upcoming Capital Gain Distribution

Record Date Ex-Dividend Date
12/17/2020 12/18/2020

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 09/30/2020

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $7.17
$100,000 to $249,999 1.75% 1.50% $7.13
$250,000 to $499,999 1.25% 1.00% $7.10
$500,000 to $999,999 0.00% 1.00% $7.01
$1,000,000 to $5,000,000 0.00% 1.00% $7.01

Expense Ratioas of 08/31/2020

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Publish Date:11/03/2015
Annual Report
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Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
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Class A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and distribution fees.

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1.50% if the shares are repurchased before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

 

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and distribution fees.

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1.50% if the shares are repurchased before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

The ICE BofA Merrill Lynch U.S. High Yield Constrained Index is a capitalization-weighted index of all US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody’s, S&P and Fitch), at least 18 months to final maturity at the time of issuance, at least one year remaining term to final maturity as of the rebalancing date, a fixed coupon schedule and a minimum amount outstanding of $100 million. The index caps individual issuer at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. The face values of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. In the event there are fewer than 50 issuers in the Index, each is equally weighted and the face values of their respective bonds are increased or decreased on a pro-rata basis.

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